投资中错过机会的代价将会越来越大

Core Viewpoint - The article discusses the performance of various asset classes in the current market, highlighting the significant divergence in returns and the overall positive market sentiment [4]. Asset Performance Summary - Gold has shown a strong performance this year with a cumulative increase of 24.15%, making it the top-performing asset amid rising geopolitical tensions and market uncertainties [6]. - The Hong Kong stock market has rebounded significantly, with the Hang Seng Index rising by 21.06% and the Hang Seng Tech Index increasing by 19.55%, reversing the previous two years' sluggishness [6]. - In contrast, the A-share market has underperformed, with the CSI 1000 Index up by 5.36% and the large-cap CSI 300 Index slightly down by 0.33%, indicating more structural opportunities within the market [6]. - Overseas markets have also performed well, with the German DAX Index leading at a 20.71% increase, followed by the UK FTSE 100, NASDAQ 100, and S&P 500, which rose by 7.66%, 7.24%, and 4.96% respectively [6]. - The bond market has seen a modest increase, with the CSI Government Bond Index up by 0.95%, reflecting reduced attractiveness of bond assets as funds shift towards equity and risk assets in a low-interest-rate environment [6]. Valuation Insights - Current market valuations are relatively high, with the overall market PE ratio at 38.37, placing it in the 89.04th percentile over the past five years and 63.56th percentile over the past ten years [8]. - Certain sectors, particularly consumer and healthcare, remain undervalued, while others have reached normal valuation levels [8]. Market Trends and Investor Strategy - The market sentiment is positive, but the improvement in corporate performance will be crucial for future market heights, with valuation metrics serving as important indicators [9]. - The long-term market strength indicator suggests that over 80% of stocks are in a long-term upward trend, with recent rebounds in the market [12]. - The rapid increase in information efficiency, particularly in the AI sector, is accelerating corporate growth cycles, making it increasingly difficult for smaller companies to compete against larger firms [13]. - Ordinary investors may need to adopt a broader asset allocation strategy rather than focusing solely on individual stocks to capture significant market opportunities [13]. - The concept of being present in bull markets is emphasized, suggesting that investors should aim to maintain positions in assets that are performing well [14].